Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-05-11

CURED 10y the Council Of Foreign Bondholiers
hnn the virginia committee ba provided for
mat any bonds not funded In two years after
nc commcncoment Of funding should only be
iuhoed subsequently on terms 20 be ~ .oed
Nrcn by the State and tho Council of Foreign
| BoncholderN
In view OF these demands, % far beyond mo
| TCtsibie capacity and resources OF the state,
Nthou' both for tho present and the future,
increasing Tire burden Of taxation. your COM
uittoe ielt constrained 10 reply 70 tho commits
zion a. follows:
R6,olred, That Il be communicated 10 the
commifs!on Of the Council Of Foreign Bond
holders that their proposition, this day pre-
sontod, IS wholly unsatisfactory 10 us--wOuld,
In our opinion, DO unsatisfactory 90 tho Gone
hsccmbly, and would be rejected by the poo
pie. But anxious TO reach an agreement. this
Joint committee present rs their gitimaium
The following
!. A principal Of t25.0Oo.O0O approximately,
that may be capitalized upon terms hereafter
agreed upon, which must include all bonds
held by The State
,. Tho tonGs 10 run fifty years al 3 Der centnm
FER annum, redeemablo IA ten years az tho
pleasure Of the State.
2. Tho Question Of security TO DO hereafter
agreed upon.
THEY DECLINE.
After tho receipt Of this paper the commits.
sion appeared IN our conforoncc-room, made q
mobilization Of their proposition 40 far a. not
10 require the cancellation Of sl.1sgiN held by
the literary fund, such bonds 10 carry por
ccutum ard the interest 20 be deducted from
The annual interest account claimed by them.
Tbs modification your committee regarded ~
not materially lessening the wide divergence
separating them from the commission.
The commission then stated that they must
decline once for all any negotiations on a basis
lint would involve tho reduction Of the capital
a. The cOpsol and ten-forty bonds 40 a. 10 bring
The total amount Of the debt within 32j.0100)1 !:
ifat II was beyond their Instructions: they
could not do II, and that We might take that as
final; that they declined further negotiations
except upon The basis OF their proposition this
morning May eth, subject 10 the modification
IN regard TO the bonds held by tho literary
fund After the commission Withdrew from
tho cCnfeTcnct-rOOm your committee graVely
considered tho situation and adopted the fol-
lowing preRm bio aud resolution.
whereas the commission on the part Of
tie Council OF Foreign B0n1holders have
stated 10 this committee that they, In sub
stance. adhere 70 the proposition this day pre-
scented by them, and have rejected tha PROPOSE
tlCn made by this joint committee. and declare
the former as their ultmatum: therefore be it
Rcsoired, That 1t would be communicated 10
he commission of the Council OF Foreign
Fondholders that In the opinion of tho Joint
committee further negotiations will not tend to
n final agreement, and that we feel constrained
20 20 report to the General Assembly.
four committee, In this condition OF affairs,
deemed II proper 10 make this preliminary
report and thus possess the General Assembly
with all the facts. They ask for further time
10 make more detailed report
CHARLES +. STUART, Chairman.
TABULATRD STATEMENT.
At the request Of the commission on the
part - tho Council Of Foreign Bondholders
20 this report:
Cousols Of
1871 ...".sl4, s3OorO 100 per cent tii,e}OOOO